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In Veritas Announces a Strategic Alliance With Evolution Life Science

Posted on: Wednesday, 26 October 2005, 12:01 CDT

IVMD Inc, a novel medical device company (OTC BB: IVME), today announced that it has engaged Evolution Life Science to provide licensing negotiation services for the provision of a development partner/Joint Venture for an innovative measurement device capable of predicting the onset of labour in pregnant women.

IVMD require to license, or develop in a joint venture, this labour prediction system, known in the company by the project name POLO, for both the consumer and professional medical market. The pre-market programme will require the industrialisation of a hand-held POLO instrument and software, the completion of a large scale clinical trial run by a CRO (to recruit up to 2000 pregnant women) and the design and manufacture of suitable disposable electrodes to the company specification.

Dr Jason Beckwith, Managing Director of Evolution Life Science, said, "We are excited at the prospect of working with an innovative company serving the Diagnostics sector and believe this product has tremendous potential. We look forward to concluding a lucrative commercial deal for IVMD."

Beckwith added "Regulatory certification for the USA and Europe is a requirement for the system and will be incorporated in the program. It is envisaged that this program will be funded by the incoming partner company(s) in a staged way with milestone payments and a royalty deal on future instrument and electrode sales. It is expected that separate partners may be required to cover consumer and hospital markets."

John Fuller, President and CEO of IVMD, said: "As part of our business strategy it is important we find partners that can complement our skills and match our objectives for getting the product to market. This search requires a broad reach to find the right global player. Evolution provide us with a much greater marketing resource and their worldwide knowledge is a considerable asset It is fantastic that Evolution have engaged so enthusiastically.''

About Evolution Life Science

Evolution Life Science (www.evolutionconsultants.com) is an award winning specialist consultancy for the biotechnology industry. With a specialist team who have spent considerable time within the biotechnology industry, from R&D to corporate roles, they provide a selection of commercialisation services to the Life Science and Medical Device Industry worldwide.

About IVMD, Inc.

IVMD develops medical devices for near patient testing and monitoring using exciting lateral applications of novel, physical measurement techniques.

Our products serve large global markets in the monitoring of conditions affecting large numbers of the population. Two applications form the focus of current development work. The first is a device for measuring the coagulation of blood in patients with cardiovascular disorders. The second a device that predicts the onset of human labour up to several weeks before birth.

Our scientists are currently working on several exciting minimally and non invasive additional products. From across all sectors of industry, our development team use our patented technology to create rapid prototype and product development.

IVMD actively seek bespoke product development, manufacturing, marketing and distribution agreements.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believe,'' "expects,'' "projects,'' "forecasts,'' "intends,'' "will,'' "anticipated,'' "could,'' or "may,'' and similar conditional expressions are intended to identify forward-looking statements within the meaning of the act and are subject to the safe harbor created by the act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties.

 Contact: Martin E. Janis & Company, Inc. In the U.S. Bev Jedynak 312-943-1100 ext. 12 bjedynak@janispr.com  IVMD (UK) Ltd. In the UK Brian Cameron bcameron@ivmd.com

SOURCE: In Veritas Medical Diagnostics Inc.

Source: MARKET WIRE

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